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February 2018

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‘It is going to take some time for Indian buyers to get accustomed to pre-owned luxury clothing.’

Company Details

Business Area:

Online marketplace for luxury products

At what rate is the luxury products market growing in India? How are Indian consumers responding to buying luxury items online? Which segment is growing in the luxury market?

With
increasing brand awareness amongst the upper class in Tier II and Tier III
cities and the accessibility of luxury products, the Indian luxury market is
expected to cross US$ 18.3 billion by 2016. That would be a considerable rise
from the current level of US$ 14.7 billion. It is said to be growing at almost
25 per cent each year.

The
preference of luxury buyers in India has always been brand-authorised stores that
give them the opportunity to touch and feel goods before they make a purchase. Due
to increase in demand for luxury products in Tier II and Tier III cities where
brand stores are not easily accessible, online portals have become their
one-stop-shop. Initially, buyers were skeptical about product authenticity and
conditions, but features such as authentication checks, extensive product
detail and cash on delivery have radically affected the loyalty and confidence
of buyers. We started at four sales a week and have reached almost 10 sales a
day.

Apart from
metropolitan cities like Delhi, Mumbai, Kolkata and Chennai, we have seen
strong demands from Tier II and Tier III cities like Jaipur, Indore, Chandigarh
and Lucknow.

Since the
concept of pre-owned luxury products is quite new and we just have carved a
niche in a previously non-existent segment of the luxury retail market, we
believe that the accessories segment is growing at a much faster rate. This is
because it is only recently that people have become more open to pre-owned
luxury bags and shoes. And it is going to take some time for Indian buyers to
get accustomed to pre-owned luxury clothing.

Published on: 25/05/2016

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.